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...right. Thanks to globalization, Wall Street was able to sell off its toxic mortgages around the world. It appears that about half the toxic mortgages were exported. Had they not been, the U.S. would be in even worse shape. Moreover, even as our economy went into a slowdown, exports kept the U.S. going. But the weaknesses in America weakened the dollar and made it more difficult for Europe to sell its goods abroad. Weak exports meant a weak economy, and so the U.S. exported our downturn just as earlier we had exported our toxic mortgages...
...facing a liquidity problem, a solvency problem and a macroeconomic problem. We are in the first phase of a downward spiral. It is, of course, part of the inevitable process of adjustment: returning housing prices to equilibrium levels and getting rid of the excessive leverage (debt) that had kept our phantom economy going...
...played by Henry O), who moves to America to help his grown daughter, Yilan, cope with a recent divorce. But Yilan, played by Feihong Yu, chafes under her father’s constant gaze. She resents his imposition and practice of the Chinese traditions that she has kept out of her apartment. Mr. Shi, fresh off the airplane, steps into a world unaffected by 9/11, where everyone he meets is friendly, kind, and eager to make conversation with a foreigner. Never is he met with a racist remark or uncharitable gesture. In fact, the only unkind words come from...
...they needed a fourth guy to row a four,” Overington said. “We had a great coach and won all of our races, so I decided to stick with it.” Early success in crew, along with good friends and coaches, have kept the Kingston, Ontario native hooked on rowing as he heads into his eighth year with the sport. “The guys I started rowing with are still some of my best friends,” Overington said. “And one of my first coaches played a great...
...most accounts, amid the controversy Ayers has kept a low profile. School officials say he is on a previously scheduled yearlong sabbatical and occasionally visits his campus office. He regularly posts musings about politics, education and the economy on his personal website. (The site's commentary section has an ongoing debate between fervent supporters and vitriolic detractors as part of a recent blog post by Ayers.) A new edition of his 2001 memoir, Fugitive Days, is expected to be published next year, and a film version is reportedly in development. Says Schubert: "He's resilient - he'll come back...